Fraud Risk Management & Investigations

Fraud Risk Assessment

Conducting risk assessment and providing best in class recommendations

Information Gathering
Collecting policies, procedures, rules and controls.
Interviews
Meeting with relevant employees to understand the process, controls and technology.
Control Tests
Assessing the design of current controls in place to prevent and detect fraud.
Gap Analysis
Assess controls in place against expected controls in PwC Framework and identify any improvement areas.
Reporting
Reporting observations, findings and recommendations to the relevant management.
Implementation
Writing policies and procedures in relation to fraud fighting activities.

Fraud Prevention & Detection Program Design, Implementation & Monitoring

How can PwC help you?

Fraud prevention programs place responsibility on a company’s employees, regardless of their level. Using applications shaped in accordance with the company’s needs, we provide help on the following issues:

Introduction of anonymous fraud reporting systems and assessment of the efficiency of existing systems
Establishment of code of ethics and provision of related internal trainings
Identification of business processes exposed to fraud risks and analysis of significance of impact and probability of such risks
Design of control activities regarding significant risks and improvement of existing control activities
Establishment of fraud monitoring and detection systems and related control activities
Assessment and improvement of precautions and action plan for use in event of detection of fraud.

Fraud Maturity Program Assessment

Our Fraud Maturity Program Assessment involves the following procedures to help you with developing a solid program based on the components of Fraud Risk Management:

Identification of risks
Classification and evaluation of risks
Identification of controls in place
Assessment of the control environment
Determination of the fraud maturity program effectiveness

Fraud Risk Remediation

We help you with developing a Fraud Risk Remediation plan which involves the following:

Determination of current risk management level
Development of action plan for the management to eliminate the identified risk
Design and implementation of a tailor-made fraud risk remediation plan.

Anti-Fraud Control Review

We help you with developing an Anti-Fraud Control Review which involves the following steps:

Designing a list of control activities to identify and prevent fraud risks and developing an action plan, and periodically monitoring whether the actions listed in this list are realized
Creation of an abuse prevention and crisis management plan approved by the top management, covering all the company employees and stakeholders, identifying the duties and responsibilities, covering all the basic mechanisms of the anti-fraud process and crisis management

Fraud Response Plan

We design fraud response and remediation plans which set out the organisation’s approach to tackling fraud. It is a formal means of showing the mechanisms in place for dealing with detected or suspected incidents of fraud. We help you with the design of fraud response which ensures that incidents are managed in a systematic and efficient manner.

Fraud Investigation

Our team draws from experienced investigators, forensic accountants, corporate intelligence specialists, forensic computer experts, economists, engineers and certified fraud examiners.

Our experts come from a wide variety of backgrounds, including law enforcement, accounting and IT. They combine practical experience and formal training with a wide range of tools and techniques to detect and investigate a variety of situations, including:

Whistleblower allegations
Asset misappropriation
Suspicious transactions
Conflicts of interest
Bribery and corruption
Corporate irregularities
Regulatory violations

Bribery & Corruption Investigation

Using a team with experience in numerous review and remediation engagements with respect to corruption and bribery investigations, we offer services on the following issues:

Creation of corporate policies and procedures on anti-bribery and corruption, assessment of the effectiveness of current policies and procedures
Review of policies, procedures and historical transactions of target companies in mergers and acquisitions in order to identify needs for remedial activity and risks associated with past practices
Creation of a fraud prevention system focusing on corruption and bribery
Investigation into corruption and bribery cases identified through tip-offs or audit
Provision of staff awareness training on corruption and bribery for company employees

Fraudulent Financial Statements and Reporting Review

The changing economic and legal environment has significant implications for a company’s operations and financial reporting, and changes in the business, economy and laws and regulations generally increase the level of risks affecting the business and require adequate response and disclosure in the financial statements. We help you to address the increased risks of fraudulent statement of the financial information and reporting through our forensic accounting expertise.

Internal Audit Investigation Support

Does your internal audit team have all the fraud investigation tools it needs?

Fraud prevention, detection and investigation continue to play an increasingly important role and hold a significant place in business plans, despite falling outside the primary responsibilities of the internal audit unit. When internal audit resources are limited and are focused on completing an intense audit program within the year, we can support the internal audit team, helping them undertaking investigations both efficiently and effectively.

Our specialist team has gained experience working alongside the internal audit teams of many global companies on engagements in relation to employee fraud, corruption and bribery, and conflicts of interest. Our team adds value to the internal audit units during investigations, using their expertise in advanced fraud analysis techniques and applying experience gained in a variety of sectors. In this way, investigations are conducted more effectively, utilizing technical expertise like forensic technology techniques, which may be lacking within the internal audit unit.

Interviews and Interrogations

Forensic investigations involve interviewing suspects and other staff members to gain an enhanced understanding of the situation. Our forensic interrogation experts conduct fact-based information gathering and admission seeking interviews to understand the control environment, business processes as well as identify potential irregularities in companies.

Investigation Program Design

Fraud and corruption, often linked to poor governance, represent serious risks for an organisation. High profile cases in recent years have shown that dishonest behavior not only undermines profits, operating efficiencies and reliability, but can also severely damage an organisation’s reputation.

Organisations should have a thorough investigation program which will allow them to quickly and effectively take actions in cases of fraud and misconduct. We design investigation programs and train relevant teams to follow a road map specifically tailored for the organisation’s needs in case of fraud incidents.